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Top 3 Money Transfer Providers for UK to Czech Republic

Provider Amount Received Fee Exchange Rate Speed
TorFX TorFX 303,746.12 £0.00 30.3746 1-3 days more...
Moneycorp Moneycorp 302,982.94 £0.00 30.2983 1-3 days more...
OFX (UK) OFX (UK) 302,525.03 £0.00 30.2525 1-3 days more...
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
CZECH REPUBLIC
The Czech koruna (CZK) is a fully convertible currency, which makes sending money to the Czech Republic and transferring money from the Czech Republic relatively simple Read More
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Czech Republic Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Czech Republic money transfer regulations
  • Czech Republic monetary authority
  • Czech Republic economic background
  • EU membership
  • Currency
  • Summary

    The Czech koruna (CZK) is a fully convertible currency, which makes sending money to the Czech Republic and transferring money from the Czech Republic relatively simple.

    Czech Republic money transfer regulations

    Foreign capital related to investment, including profits, dividends, interest and royalties, can be remitted freely without limit after applicable taxes, and repatriation payments can be made in any currency. Carrying hard currency in or out of the country is unrestricted under the amount of €10,000; any amount above this threshold must be declared to customs authorities.

    Czech Republic monetary authority

    The Czech National Bank (CNB) is the primary authority charged with monitoring the health of the financial system and the foreign exchange market, ensuring the stability of the banking sector, preserving the country’s foreign reserves and maintaining price stability.

    The koruna is on a managed float benchmarked against the euro, and the central bank works to stabilise its value by setting inflation targets and intervening in the monetary market when the exchange rate veers outside of the standard spectrum. The inflation target has been set at 2% since 2010. In November 2013, the CNB began intervening more directly in the foreign exchange market by issuing excess liquidity onto the market, which lowered the koruna to the bottom limit of the exchange rate, around CZK27 to the euro; this policy is expected to last until 2015, or until inflation picks up.

    Czech Republic economic background

    When the former Czechoslovakia broke up into the Czech Republic and Slovakia in 1993, the new countries disintegrated the federal currency and introduced two separate national currencies. The monetary swap required heavy capital controls for some time, but the Czech economy performed comparatively well in the early years of nationhood. Since then, the government has largely dismantled capital controls and established an open environment for foreign investment. Today, the Czech economy relies heavily on the foreign exchange market; exports accounted for 81% of its GDP in 2013.

    The Czech Republic has been sheltered from some of the effects of the debt crisis in the eurozone, thanks largely to its having retained its own national currency, the koruna, and its ability to set independent monetary policy. Nonetheless, the Czech Republic’s export-focused economy is reliant on demand from its key consumer markets, particularly Germany, and lower European demand has caused GDP growth to slump at several points in the last five years.

    EU membership

    The Czech Republic joined the European Union in 2004 and the Schengen free-circulation area in 2007. The government plans to adopt the euro once the necessary fiscal and monetary conditions are in place. The country’s initial target date was in 2010, but several Eastern European countries, including the Czech Republic, Hungary, Poland and Romania, all put their eurozone accession plans on hold during the global economic downturn. The Czech Republic does not have a target date to adopt the euro, but the central bank governor has indicated that the earliest possible date would be in 2019.

    Currency

    The Czech monetary unit, the koruna (CZK), is abbreviated as Kč. The central bank issues banknotes is values of Kč100, Kč200, Kč500, Kč1000 and Kč2000. Coins are issued in denominations of Kč1, Kč2, Kč5, Kč10, Kč20 and Kč50.

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    Top 11 Money Transfer Providers

    Exchange Rates as of 13 December 2019, 21:54
    Bank Beating Rates

    TorFX

    ?
    Est. 2004

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    More InfoLess Info

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Moneycorp

    ?
    Est. 1979

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    More InfoLess Info

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    OFX (UK)

    ?
    Est. 1998

    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

    WorldRemit

    ?
    Est. 2010

    Use the code '3FREE' and pay no fees on your first three money transfers

    WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

    More InfoLess Info

    Use the code '3FREE' and pay no fees on your first three money transfers

    WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

    Bank Beating Rates

    Currencies Direct

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    More InfoLess Info

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Global Reach (formerly FC Exchange)

    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

    More InfoLess Info

    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

    Currency Solutions

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

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    Transparency and security | Great customer feedback rating from Feefo

    TransferWise

    TransferWise is an online only provider

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    TransferWise is an online only provider

    Western Union Business Solutions

    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
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    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.

    Smart Currency Exchange

    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally

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